Swift Payments and Transaction Screening When a global financial transaction is made, a SWIFT code may be necessary to tell banks and financial institutions where to transfer the money. The SWIFT code is used by banks and money transfer businesses to determine where to transmit money on a global scale. The SWIFT code [...]
Watchlist Screening Watchlists are databases that include searches for suspected terrorists, money launderers, fraudsters, and PEPs. They are being stored internationally at governmental levels about information collected at the governmental level, law enforcement databases, international databases, and regulatory databases about prohibited individuals or corporations in industries such as finance, healthcare, and agriculture. What [...]
VDD-Vendor Due Diligence When a company intends to buy, work with, or develop a commercial alliance with another company, it conducts vendor due diligence (VDD). Vendor due diligence, like customer due diligence (CDD), is an important component of AML/CFT since it guarantees potential buyers that their prospects are financially secure and represent no [...]
Why Do Crypto Currencies Need AML (Anti-Money Laundering) Regulations? Worth of crypto and its use for money laundering The number of cryptocurrencies that are actively exchanged is approximately 20,000 and it gets bigger each day as new cryptocurrencies continue to pop up in the market. The highest total value of all the [...]
Money Mules A money mule is someone who transmits money obtained illegally on behalf of another in person, through a courier service, or electronically in exchange for a fee. Money mules are not directly involved in the crimes, but they are complicit in the sense that they launder the revenues of such crimes. [...]
Ponzi Scheme A Ponzi scheme is a fraudulent investment operation in which the operator, either an individual or an organization, pays returns to its investors from new capital contributed to the operators by new investors rather than profit gained from genuine sources. Typically, enormous returns on the initial investment are promised. The fraudster [...]
Anti-Money Laundering Compliance in Turkish Republic The Turkish Republic has made significant advancements in the establishment of anti-money laundering regulations as well as the mechanisms for detecting and countering them in recent years. In 1996, the first instance of money laundering that was prosecuted as a financial crime in Turkiye took place. Since [...]
How to conduct an Adverse Media Check? Adverse media, sometimes known as negative news, is any type of adverse information found in a wide range of news sources, including both conventional news channels and unstructured sources. The hazards of doing business with people or firms who have a negative media presence are numerous [...]
Essentials of KYC Know Your Customer Process KYC, or Know Your Customer, refers to a collection of protocols that enable banks and other financial institutions to validate the identification of the organizations and persons with whom they do business and guarantee that those entities are functioning legally. Effective KYC process prevents businesses from [...]
What is the onboarding process for KYC? The customer onboarding process for the KYC includes greeting your client, ensuring that your customer understands how to use your product, platform, or service, and then continuing to assist them while they use the product/service to ensure that they are pleased and will continue to support [...]
